Apple (AAPL) will announce Q1 2026 earnings today, with iPhone sales and AI spending expected to move its stock higher. Apple (AAPL) will report its Q1 2026 earnings after the bell on January 29, 2026. Strong performance driven by robust iPhone 17 sales and a growing AI-driven services sector is expected. Analysts expect revenue around $138.48 billion and an EPS of $2.67, with strong 10%-12% year-over-year growth.

AI is expected to play a crucial part in the upcoming earnings report.. The company, like many in the tech industry, is contending with a worldwide memory shortage caused by the global AI data center buildout, which is driving up prices on the key components. Additionally, there’s also the matter of Apple’s latest AI moves. Earlier this month, the company and Alphabet (GOOGL) issued a joint statement saying that Apple will use Google’s Gemini models and cloud technology to power its AI efforts, including a more personalized Siri due out later this year. This move sent AAPL higher, but a continued emphasis on AI could scare off some investors.

Additionally, Apple on Thursday said it has acquired Q.ai, an Israeli startup working on artificial intelligence ​technology for audio. The iPhone maker did not disclose terms of the deal for ‌Q.ai, which was backed by venture capital firms Matter Venture Partners, Kleiner Perkins, Spark Capital, ‌Exor, and GV, formerly known as Google Ventures. However, the deal is estimated to be worth around $2 billion. The deal will likely be touched on more in the earnings report, which could mean we won’t see the stock move significantly until Friday’s trading session.

Furthermore, importantly, iPhone revenue is anticipated to come in at $78.3 billion, up 13% from the $69.1 billion the segment generated in the first fiscal quarter of 2025. Services revenue is estimated to top $30 billion, up 14%. Revenue out of China, a weak spot for the company in 2025, is expected to jump nearly 18% year-over-year, too.